Digital Payments and Financial Vulnerability among Generation Z: A Systematic Review of Risk Mechanisms and Protective Factors
DOI:
https://doi.org/10.61132/jieap.v3i3.2756Keywords:
Digital Payments, Financial Literacy, Financial Vulnerability, Generation Z, Self-ControlAbstract
Digital payments may expand access to financial services while also exposing users to spending and credit-related risks. This article examines the mechanisms proposed to connect digital payments to financial vulnerability and the factors that may protect Generation Z (Gen Z). A structured, non-exhaustive literature review was conducted on 24 October 2026 using predefined keyword blocks, title- and DOI-based searches, publisher records, and institutional repositories; screening was performed by a single reviewer, and the text accessibility of each source is reported. Sixteen sources (13 primary studies and three syntheses) were mapped and classified as Gen Z-specific evidence or comparator evidence from adult, young-adult, and household populations. Only three primary studies used Gen Z samples, and none of them measured digital payment use in relation to financial vulnerability. Comparator evidence does not support treating digital payment adoption as an invariably harmful exposure: objective fragility and subjective worry do not necessarily move together, and higher cashless spending is not, by itself, evidence of financial distress. Overspending, deferred credit obligations, and combined exposure to digital credit and social media are therefore treated as candidate risk pathways for Gen Z rather than established effects. Financial literacy, self-control, saving habits, and financial management behavior are associated with financial behavior or well-being, mainly in cross-sectional studies, and do not yet establish causal protection against vulnerability. The article proposes an exposure–mechanism–vulnerability–protection framework as a set of testable propositions, and a research agenda separating payment instruments from credit facilities. Conclusions are limited by non-exhaustive searching, uneven full-text access, single-reviewer screening, and the absence of a formal risk-of-bias assessment; the review does not claim full PRISMA compliance.
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